Gold Short Term Bearish, target 1130/1100
CommodityOnline | Oct 31, 2014 03:10AM ET
Hence the short term trend continues to look bearish for gold and a test of Previous low at $.1130/1100 (T) level looks possible. Until price closes above at $ 1251, Selling on rise is advisable.
Comex Gold has been in an downtrend since the past one year forming lower tops and flat bottoms within the channel (R-S). The price has recently try to breach the long term support line S at $ 1179 (Previous Low). If breached then price can give a sharp correction till the $ 1130 (target).
Hence the short term trend continues to look bearish for gold and a test of Previous low at $.1130/1100 (T) level looks possible. Until price closes above at $ 1251, Selling on rise is advisable.
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